On December 14, 2015, the senior management team of BerkOne, Inc. received a one line email from Tim Fehr, BerkOne’s President: “We are now the proud owners of 1530 Valley Center Parkway.”
This culminated several years of planning that started with the previous lease renewal.
“We leased one-half this building in 2005 and occupied the rest of this 47,000 square foot property in 2009,” said Fehr. “We have made continual improvements including a backup diesel generator to power the building in case of a power outage and special vaults to support our collateral management business. When our lease renewal came up, we felt it prudent to include an option to buy clause.”
In spring 2015, BerkOne notified the owners that of its intention to exercise the option. With that began a whirlwind of due diligence including engineering reports on building condition and legal research concerning prior ownership and clear title. By December, the deal was ready to close and BerkOne bought the building through an LLC established to own the building, which is a common structure for corporate real estate purchases.
“BerkOne is very happy that we made the decision to purchase our building on Valley Center Parkway. It is another signal to our clients and employees that we are committed to grow our business right here in the Lehigh Valley,” said Fehr.